Who Decides Real Estate Escrow Disputes?

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Who Decides Real Estate Escrow Disputes?

If a real estate escrow dispute occurs, a very specific person is going to decide the outcome. Find out who decides real estate escrow disputes with help from an expert lawyer in the real estate industry in this free video clip.

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Hello, I'm Robert Howe of the law firm of Robert Howe, PC, located in Brooklyn, New York. Right now, we're going to talk about who settles real estate escrow deposit disputes. The topic of escrow in real estate transaction arises in two occasions. First, when a buyer gives the seller's attorney a check to be held in escrow while the real estate transaction is pending and while the buyer applies for a mortgage, that's called the deposit escrow. The second time the term escrow comes up could be in post closing situations. In other words, there would be a closing, there would be an unresolved issue at the closing rather than cancelling the closing or adjourning the closing, what would happen is the attorney would hold money in escrow while whichever party did what they were supposed to do. Now, in the event of a dispute, the escrow agent is a neutral party. They don't get involved in the actual arbitration of who is right and who is wrong. If the parties can't agree, then the aggrieved party must sue in court. The escrow agent would remain neutral throughout the entire lawsuit. I'm Robert Howe of the law firm of Robert Howe, PC. We've just been talking about how do you settle real estate escrow disputes. If you'd like more information, you can contact me on the web at www.robert-howe.com. Thank you.